Home Ripple Ripple Patents XRP-Powered On-Demand Liquidity Network for Cross-Border Transactions – The Daily Hodl

Ripple Patents XRP-Powered On-Demand Liquidity Network for Cross-Border Transactions – The Daily Hodl

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Ripple has patented a community computing system for its XRP-powered cross-border fee product, On-Demand Liquidity (ODL).

America Patent and Trademark Workplace (USPTO) formally granted the patent on January twenty sixth, based on documents filed on the USPTO web site.

Ripple’s patent explains that ODL helps banks keep away from preserving cash tied up within the “correspondent banking” methodology of processing remittances.

“Present estimates point out that on the order of ten trillion U.S. {dollars} in worth is used as parked float sitting in nostro or different correspondent accounts all through the world. Moreover, any pair of banks that do not need an settlement relating to such exchanges should use different banks that do, which may drive up transaction charges and complexity…

With the arrival of digital currencies and decentralized ledgers, using nostro accounts could also be largely eradicated, releasing the parked cash therein to be deployed by the banking establishments accordingly, as described herein. A computing system is offered herein that implements a cross-medium transaction service by leveraging using a digital foreign money and ledger (e.g., a decentralized, distributed ledger) to interchange the necessity for clearing homes and/or nostro/vostro accounts. This cross-medium transaction system operates to supply on-demand liquidity for cross-medium exchanges such that fund settlements can happen at any time inside seconds or fractions of a second, versus a number of days within the present implementations.”

The topic of XRP’s utility is a key query within the U.S. Securities and Alternate Fee’s (SEC) lawsuit in opposition to Ripple, which accuses the corporate of illegally promoting the digital asset as an unregistered safety.

RippleNet common supervisor Asheesh Birla says ODL powered about 3 million transactions and dealt with $2.4 billion in notional quantity in 2020.

Birla provides that the product expanded to 18 new nations and was part of 15 new offers after the SEC filed a grievance in opposition to the San Francisco startup in late December.

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